ABS-CBN Corporation, the country’s leading media and entertainment company, reported PHP 20.9 billion consolidated revenue for the first half of 2016, bringing its net income to PHP 2.1 billion, 76% higher compared to the same period last year. The company reported higher second quarter revenues of PHP 11.2 billion, 20% higher than the revenues generated during the first quarter of this year.
“The improvement in our ratings, coupled with the newly implemented cost per individual rating point pricing scheme, contributed to the increase in our advertising revenues,” said Aldrin Cerrado, ABS-CBN’s chief financial officer.
ABS-CBN continues to be the market leader in terms of total day national audience share and ratings for the first half of 2016. The top 15 programs for the first half of 2016 were all ABS-CBN shows with “FPJ’s Ang Probinsyano” at the top spot.
Consistent with the company’s push towards growing its broadband business, Sky’s broadband subscriber growth has been very strong, increasing by 47% to over 169,000 since June last year. Sky has also introduced direct-to-home service nationwide, Sky Direct, with over 33,000 subscribers as of end of the first half.
The company’s Digital Terrestrial Television or DTT has already touched millions of household viewers, with over 1.3 million boxes sold as of the end of June. TV Plus launched the Kapamilya Box Office that will transform the Filipino family’s TV viewing into meaningful experiences by providing them value-added services and upgraded features that go beyond television.
“We are confident that we will hit our profit guidance for the year,” said ABS-CBN Group CFO Ron Valdueza.
ABS-CBN is home to the nation’s top-rating TV programs, box-office films, and best-selling books and music. With the ability to harness the latest in technology and innovation, the company is rapidly transitioning into an agile digital company with the biggest online presence among all media companies, and a growing list of digital properties. ABS-CBN was also first in the country to offer content online and on mobile, and even pioneered digital television in the nation.
“We recognize that the industry we are operating in is changing rapidly and we continue to make significant investments towards digital transformation and innovation,” added Valdueza.
Meanwhile, the company’s educational theme park, KidZania, with more than 65 open establishments, reached over 150,000 attendance since the beginning of the year. The O Shopping Channel is now generating over PHP2.2 million in daily sales.
With these successes, ABS-CBN’s total assets rose to PHP 72.5 billion or 3% increase from last year’s PHP 70.4 billion. Equity base rose to PHP 29.9 billion from PHP 28.7 billion in 2015.
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